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| Exchange Disseminated Time 02/11/2015 14:47:41 | Jaiprakash Power Ventures Ltd has announced the following results for the quarter ended September 30, 2015:
The Unaudited Standalone results for the Quarter ended September 30, 2015
The Company has posted a net profit of Rs. 1336.90 million for the quarter ended September 30, 2015 where as the same was at Rs. 2998.10 million for the quarter ended September 30, 2014. Total Income is Rs. 12796.80 million for the quarter ended September 30, 2015 where as the same was at Rs. 12073.20 million for the quarter ended September 30, 2014.
- 1. (a) The Scheme of Arrangement for transfer of businesses in relation to two of the Company's operating Hydro-electric plants namely, 300 MW Jaypee Baspa-ll Hydro electric plant and 1091 MW Jaypee Karcham Wangtoo Hydro-electric plant, to Himachal Baspa Power Company Limited (HBPCL), a subsidiary of the Company, as a going concern, on slump exchange basis, was sanctioned by the Hon'ble High Court of Himachal Pradesh at Shimla, vide order dated June 25, 2015. Consequent upon filing of the aforesaid Scheme of Arrangement with Registrar of Companies, Chandigarh the said Scheme became effective w.e.f. September 01, 2015. Accordingly, the businesses, in respect of Baspa-ll Hydro electric plant and Karcham Wangtoo Hydro electric plant along with their assets, liabilities, rights and intertests, obligations etc stood transferred and vested in Himachal Baspa Power Company Limited (HBPCL) w.e.f. September 01, 2015, against consideration of securities (equity shares and non convertible debentures).
1.(b) The Company, has concluded the Sale of Securities of Himachal Baspa Power Company Limited (HBPCL) to JSW Energy Limited at an Enterprise Value (EV) of Rs. 9700 crores reduced by mutually agreed adjustments, including inter-alia Rs.300 crores which is payable upon receipt of certain additional consents and approvals related to the Karcham Wangtoo HEP. Project debt of Baspa HE Plant and Karcham Wangtoo HE Plant has been transferred to HBPCL. The proceeds from sale of aforesaid securities were utilised for reducing Company's debts including retirement of US$ 75 Million to FCCB holders. Further, JPVL has also paid a compensation of Rs.150 crores to HBPCL. Profit and loss from these Plants shall accrue to HBPCL from September 01, 2015.
2. In view of Note 1 above, the results under review are in respect of 300 MW Baspa II H.E. Plant and 1091 MW Karcham Wangtoo H.E. Plant (period up to August 31, 2015), 400 MW Jaypee Vishnuprayag H.E. Plant, 500 MW Jaypee Bina Thermal Power Plant, 1320 MW Jaypee Nigrie Super Thermal Power Project, Jaypee Nigrie Cement Grinding Unit and Amelia Coal Mine. Hence the figures of the current quarter/ period are not comparable with figures of the corresponding quarter/ period in the previous year. Previous quarter/ period figures have been regrouped / reclassified wherever necessary.
The Company now has aggregate power generation capacity of 2220 MW comprising of Hydro (400 MW ) and Thermal (1820 MW). |
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